Select the correct population forecasting method, which can be represented mathematically by the given equation:
\(\rm P = Q\left(1+\frac{r}{100}\right)^n\)
Where P = future population after 'n' decades, Q = initial population, r = assumed growth rate, n = number of decades.
1
Varying increment method.
2
Geometric increase method.
3
Decreasing rate method.
4
Incremental increase method.